Please do not make the mistake of exempting broker-dealers from the Investment Advisers Act of 1940 when they are offering fee-based brokerage programs. To do so would place the investing public at substantial risk.

I strongly urge the Commission to WITHDRAW, not amend, the Broker/Dealer exemption rule proposal. As a fee-based financial planner and an active FPA member I believe an exemption for broker dealers is harmful to consumers by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules. The rule also exempts, in effect, brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services.